News
Active hurricane season reminds us about preparation
So far, this Atlantic hurricane season there have been 12 named storms—most recently Hurricane Idalia, which Moody’s Analytics predicts could cost an estimate of $20 billion. As we reach the midway point of the hurricane season—which runs through the end of November—PIA Northeast reminds its members that we offer tool kits (Hurricane Info Central) and resources to help you (and your clients) prepare for, and weather any type of disaster, including wildfires. To help your business clients, start a conversation about business interruption insurance, or find the answers to some of their questions. There also are tools that can help you explain the claims process; or help your personal-lines clients prepare for a hurricane. To help you prepare at your agency, you can access resources that will help you develop a preparedness and recovery plan.
NAIC publishes updated cannabis insurance white paper
The National Association of Insurance Commissioners has adopted the Regulatory Guide to Understanding the Market for Cannabis Insurance: 2023 Update white paper. The white paper explores emerging insurance issues in the cannabis industry and the current state of cannabis regulation in the U.S. The NAIC Cannabis Insurance (C) Working Group of the Property and Casualty Insurance (C) Committee produced the white paper as an update to the NAIC’s original cannabis white paper published in 2019. The updated white paper discusses how the cannabis industry has become more sophisticated, with its rapid expansion driving new product development, infrastructure changes, and the need for businesses to provide ancillary services. It also outlines how the state of cannabis regulation, specifically at the state and local levels, has evolved significantly. PIA Northeast members who are looking for resources on cannabis and its effects on the insurance industry, can access articles on PIA Northeast News & Media.
J.D. Power: Small-business insurance satisfaction increases
Despite steadily rising interest rates and strained business conditions, U.S. small businesses are increasingly satisfied with the products and services they are receiving from their commercial insurance providers. According to the J.D. Power 2023 U.S. Small Commercial Insurance Study,SM released late last month, overall customer satisfaction has reached an all-time high of 847 (on a 1,000-point scale) as customers note significant year-over-year improvement in three of five factors evaluated in the study. Overall key findings include: customer satisfaction reaches all-time high; smallest small businesses feel less satisfied; proactive communication takes the sting out of rising premiums; and social media plays key role in communicating with small businesses.
N.H.: Governor submits disaster declaration request
Last week, Gov. Chris Sununu requested that President Joe Biden issue a major disaster declaration and provide federal emergency assistance for the damage that occurred in New Hampshire as a result of severe weather and flooding from July 9-17, 2023.
Vermonters struggle to find housing after flooding
A recent Associated Press article underscores the importance of flooding insurance to help insureds recover from disaster losses. Seven weeks after the historic flooding in Vermont, the Federal Emergency Management Agency has determined that some 3,000 Vermont houses had damage from the flooding event. Of those houses, 530 were classified as having major damage, and 14 were considered destroyed. For more information on the recent flooding, PIA Northeast members can access the PIA Flood Insurance Tool Kit.
Compliance
N.Y.: Supplement spousal liability: A history
Strangely, the legal concept of spousal liability has been in the news recently. This is due to a recent change in New York state law that will now require all auto insurance policies issued in the state to provide coverage for supplemental spousal liability—unless a policyholder opts out of the coverage. When learning about this change most people react one of two ways: “What is this coverage?” or “Wait! I wasn’t covered for my spouse’s actions already.” For a look at how this new law will affect your clients, including a Q&A of the most common questions PIANY has been fielding, see the related article on PIA Northeast News & Media.
Educating insurance agents
N.Y.: Classes that meet the New York State Department of Financial Services’ most recent CE requirements are available online and in private on-site sessions.
Conn./N.J./N.Y.: Help commercial clients navigate critical issues
Do you want to learn how to help commercial clients navigate critical issues, such as cyberthreats and crime from both property and casualty perspectives? Then, plan to attend a two-day webinar 2023 CIC CML: Commercial Multi-Line Institute on Sept. 13-14, 2023. In this course, you will learn how to identify commercial inland marine, crime, cyber and employment practices exposures. It also will help you learn about the types of coverage available to address these exposures as you develop insurance programs for your clients. This course has been approved for continuing-education credits in Connecticut (16 PC), New Jersey (16 GEN) and New York (15 BR, C3, PA, PC).
Events
N.Y.: Looking to network with emerging leaders in the insurance industry?
Members of the NY-YIP board of directors will attend the Albany Happy Hour, Monday, Sept. 11, 2023, at Nine Pin Cider, Albany, N.Y., starting at 4:30 p.m. Those who attend will enjoy Nine Pin’s outdoor patio, seasonal ciders, and local craft cocktails. Our board members are traveling to the Capital Region from all over the state—reaching from Long Island to Buffalo—and they are eager to mingle with insurance professionals in Albany. Attendees will be able to find NY-YIP members at the outside patio. Feel free to grab your own drinks and/or small plates as you network with the group. Monday night is “Date Night” at Nine Pin—bring a co-worker or two and join the NY-YIP board of directors for Nine Pin’s Monday Night Special: Two 12-ounce pours and a personal pizza for $20. More information available here.
ICYMI
What N.J.’s new credit card surcharge law means for agencies
Gov. Phil Murphy recently signed legislation into law that affects how businesses—including insurance agencies—handle credit card transaction surcharges. The new law, which goes into effect immediately, prohibits a business (referred to as “sellers” in the law) from charging customers a surcharge for credit card transactions that exceed the actual cost to the business to process the credit card payment. For example, an agency that is charged 1.5% surcharge by a credit card company, can only charge 1.5% to its clients. For more information, including a Q&A on how this law affects your agency, read the related article on PIA Northeast News & Media.
Register now
Monday, Sept. 11, 2023: NY-YIP Albany Happy Hour
Thursday, Sept. 28, 2023: 2023 PIANH Symposium
Thursday, Sept. 28, 2023: NY-YIP Midtown Soirée
Monday, Oct. 2, 2023: PIANJ Golf Classic–40th Anniversary
Monday, Oct. 2, 2023: PIANJ WLA, TPC Jasna Polana Neo-Classical Villa Tour
Thursday, Oct. 12, 2023: CTYIP Awards Gala
Save the date
Wednesday, Nov. 1, 2023: NY-YIP Capital RAP Welcome Reception
Thursday, Nov. 2, 2023: Capital RAP—Interested in sponsoring, exhibiting or advertising?
Tuesday, Nov. 28, 2023: NJYIP Holiday Reception
Thursday, Dec. 14, 2023: NY-YIP Holiday Social in NYC
Wednesday, May 8, 2024: NJYIP Golf Open
